The Labour Party’s 2023 presidential candidate, Peter Obi, has accused President Bola Tinubu’s administration of failing to implement effective economic policies.
Speaking on Arise News Prime Time on Tuesday, Obi criticized Tinubu’s decision to float the naira without boosting productivity, which he argued has worsened Nigeria’s debt crisis and increased debt servicing costs beyond budget allocations for critical sectors like health and education.
“If I were president, the country would have seen drastic positive changes within two years. I would inject money into productivity to build a more sustainable economy,” Obi said.
He also condemned the high-interest rates under Tinubu, arguing that they have stifled businesses.
“The administration met a debt of about N17 trillion. In two years, it has skyrocketed to over N170 trillion. The cost of debt servicing is now higher than the budgets for health and education. Over 70% of primary healthcare centers are non-functional. If I were in charge, I would fix our PHCs and primary schools,” he added.
Obi reaffirmed his membership in the Labour Party and his collaboration with Atiku Abubakar and other political figures for Nigeria’s benefit.
“I’m not desperate to be President, but I’m desperate to see Nigeria work,” he stated, arguing that political alliances in Nigeria often focus on gaining power rather than nation-building.
He criticized the devaluation of the naira without corresponding productivity, stating:
“There’s nothing wrong with devaluing the naira, but it must be backed by productivity. Without it, devaluation only worsens the economy. Right now, nobody is producing anything. How can businesses survive when the interest rate is over 40%?”
Obi also took a swipe at Tinubu’s leadership style, asserting that the President must take direct responsibility for governance.
“A leader must have the idea, the energy, and the competence to do the job. Governance is not something you delegate entirely,” he said.
On the crisis within the Labour Party, Obi alleged that the Federal Government was behind the internal turmoil.
“Yes, I am still in the Labour Party. If anything changes, I will let you know. But the government is interfering. If they were truly democratic, all these things would work,” he stated.
He further accused the administration of suppressing the opposition, lamenting that Nigeria’s political system was designed to stifle dissent.
“There’s no democracy without a functional legislature and an independent judiciary. People are being detained for speaking their minds. I also face harassment daily,” he said.
Addressing the Rivers State political crisis, Obi condemned the government’s role, stating that the state was deliberately made ungovernable for political reasons.
“The declaration of a state of emergency undermines the little democracy we have left,” he added.
He compared Nigeria’s political system to South Africa’s, highlighting that unlike Nigeria, South Africa ensures proportional representation for the opposition and penalizes politicians who switch parties.
“We need constitutional reforms to build a viable system. If I were President, I would ensure a thriving opposition and a truly democratic system. Musa Yar’Adua started this process before his death,” he said.
On the 2027 presidential election, Obi emphasized that his priority is saving Nigeria, not personal ambition.
“Yes, I am part of the coalition, but we must discuss the future of the country. It’s not just about winning power but fixing Nigeria. I’m not desperate to be President—I just want Nigeria to work,” he concluded
